NFL.com's Jeff Darlington reported Tuesday on NFL Network that Wallace and the Dolphins have agreed to a contract. A little after 10 p.m. ET, the Dolphins announced that Wallace had signed a deal that a team source told Darlington is worth $60 million over five years.

"Just ready to start this next chapter in my life," Wallace wrote in a text message to NFL.com's Albert Breer. "It's an exciting time."

NFL.com's Aditi Kinkhabwala told NFL Network's Rich Eisen earlier Tuesday that Wallace was in Miami, ready to meet with the Dolphins. Kinkhabwala said Wallace would be a Dolphin by the end of the day once team doctors cleared him.

"We are pleased to reach an agreement with Mike Wallace," Ireland said in a statement released by the Dolphins. "He has a unique skill set which we believe will be a welcomed addition to our offense. We are looking forward to his contributions to the team."

Days after locking down Brian Hartline, adding Wallace gives Miami an impressive stable of wideouts. That position was an issue for the team on the heels of Brandon Marshall being shipped to the Chicago Bears last season, but Wallace gives young quarterback Ryan Tannehill the kind of threat that can take the top off a defense.

UPDATE: Breer reported specifics of Wallace's $60 million deal. The wideout will recieve $27 million guaranteed upon signing and another $3 million at the start of the 2014 league year. The contract nets Wallace $37 million over the first three years.